Chapter 18.II, Problem 14RE

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8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Calculate the property tax rate required to meet the budgetary demands of the following communities. *Note: When calculating budgetary demands, always round up*.

Property Tax Rate |
||||||

Community |
Total Assessed Property Valuation |
Total Taxes Required |
Percent |
Per $100 |
Per $1,000 |
Mills |

Morningside | $657,000,000 | $32,300,000 | _____ |
_____ |
_____ |
_____ |

To determine

**To calculate:** The property tax rate percent, per $100, per $1000, and in mills if the community Morningside has a total assessed value of property $657,000,000 and total taxes required are $32,300,000.

Explanation

**Given Information:**

Total assessed value of property is $657,000,000 and total taxes required are $32,300,000.

**Formula used:**

Property tax rate per dollar can by computed by dividing the total taxes required by the total assessed property value,

To convert tax rate per dollar to percent, Move the decimal point two places to the right and add a percent sign.

To convert tax rate per dollar to tax rate per $100, multiply the tax rate per dollar by 100.

To convert tax rate per dollar to tax rate per $1,000, multiply the tax rate per dollar by 1000.

To convert tax rate per dollar to mills, divide tax rate per dollar by .001.

**Calculation:**

Consider the provided data,

Total assessed value of property is $657,000,000 and total taxes required are $32,300,000.

As,

Now, divide the total tax required by total assessed property value to calculate the tax rate per dollar,

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